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By:

Kaustubh Kale

10 September 2024 at 11:37:15 pm

Nine Financial Tips for a Prosperous Navratri

As Navratri draws to a close, I wish you and your family happiness, prosperity, and continued success. Festivals are a time of celebration, but they also serve as a valuable reminder to reflect on our financial habits and strengthen our financial discipline. In the spirit of the nine days of Navratri, here are nine essential financial tips to help you stay on track with your financial goals and make your journey towards financial freedom smoother and more secure. Build an Emergency Fund Make...

Nine Financial Tips for a Prosperous Navratri

As Navratri draws to a close, I wish you and your family happiness, prosperity, and continued success. Festivals are a time of celebration, but they also serve as a valuable reminder to reflect on our financial habits and strengthen our financial discipline. In the spirit of the nine days of Navratri, here are nine essential financial tips to help you stay on track with your financial goals and make your journey towards financial freedom smoother and more secure. Build an Emergency Fund Make sure you have at least six months of living expenses saved in a bank fixed deposit or a debt mutual fund. This reserve will serve as your emergency fund for unforeseen situations and ensures you are prepared for any rainy days. Review Your Asset Allocation Revisit your investments to ensure they align with your goals. For short-term goals within three years, bank fixed deposits, recurring deposits, or debt mutual funds are appropriate. For long-term goals beyond three years, a diversified combination of hybrid/equity mutual funds, direct equities, and gold should be preferred. Do Sufficient SIPs Systematic Investment Plans (SIPs) are the backbone of disciplined investing. At least 25-30 percent of your in-hand monthly income should ideally be invested through SIPs in mutual funds, equities, and gold. This consistent approach will steadily build wealth over time. Make Lumpsum Investments Along with SIPs, voluntary lumpsum contributions into long-term assets whenever you have surplus funds can accelerate wealth creation. Even occasional lumpsum additions make a significant difference to the overall corpus. Increase Your SIPs Annually As your income increases, make sure your investments grow as well. Increasing your SIP amounts every year helps your wealth stay in line with inflation and your rising lifestyle needs. Increase your SIPs yearly and anchor them to at least 30 percent of your monthly income. Stay Invested Remain invested until your financial goals are achieved. Avoid redeeming investments unnecessarily. Frequent withdrawals disrupt compounding. If liquidity is required, consider taking an overdraft loan against your investments rather than breaking them prematurely. Health Insurance Safeguard your family with adequate health insurance. Opt for a minimum cover of 25 lakhs per family member with comprehensive features. Remember that relying only on employer-provided insurance is risky. Independent health insurance is essential. Term Life Insurance Protect your loved ones with a pure term life insurance policy. Ensure a cover of at least ten times your annual income, along with provisions for any outstanding loans. Stay away from mixing insurance with investments. A simple term plan is the most effective solution. Consult a Financial Advisor A full-time, well-qualified financial advisor can simplify your financial journey. Professional guidance ensures disciplined planning, correct product selection, and proper execution of your financial strategy. May this festive season bring abundance and lasting financial peace. (The author is a Chartered Accountant and CFA (USA). Financial Advisor. Views personal. He could be reached on 9833133605.)

Sunetra Pawar has taken charge, but challenges remain

Quaid Najmi
Feb 27
2 min read

Mumbai: Days after taking oath as Maharashtra’s first woman Deputy CM, Sunetra Ajit Pawar was unanimously elected president of the Nationalist Congress Party (NCP). This was another major responsibility on her shoulders just a month after her husband’s tragic death in the Baramati air crash.


For decades, Sunetra, popular as ‘Vahini’ or just ‘Tai’, chose to be the silent force behind her husband. But she remained accessible, grounded and attentive to the people of Baramati.


Sunetra quietly built institutions of sustainability, empowering rural youth, women and farmers, and addressed environmental concerns.


Earning awards and accolades, she continued in a similar vein until the NCP suddenly split apart in July 2023 and Ajit Pawar fielded her in the 2024 Lok Sabha polls from Baramati.


Her opponent was her sister-in-law and the Nationalist Congress Party (SP) Working President Supriya Sule, who easily snatched victory.


Barely months later, Sunetra waltzed into the Rajya Sabha with a nudge from the BJP, signalling new political equations.


Challenges ahead

Sunetra Pawar faces multiple challenges within the party, government, politics and family. There’s a dreaded, but not fully identified, ‘chandal chaukdi’ (gang of four), referred to by all, that’s hyper-active after Ajit Pawar’s death. This can test her authority.


Here, Sunetra will have to assert herself and make efforts to carve her independent niche in politics. The sympathy factor may soon evaporate.


Another question is whether Sunetra will initiate a ‘merger’ of the two NCPs. This was said to be the ‘desire’ of Ajit Pawar.


A close family friend and retired IPS officer, Vikram Bokey, described Sunetra as ‘a gem of a human being, extremely poised, cultured, and with a highly educated background’.


“The state witnessed her suddenly blossom into a leader after Ajit Pawar’s tragic passing… She has rekindled hopes among the masses. The people view her as the ideal candidate for the top (CM) post,” Bokey told The Perfect Voice.


Sunetra – A village girl who became deputy CM

Born on 18 October 1963, Sunetra hails from an influential political family. Her step-brother, Dr Padamsinh Patil, straddled state and national politics with ease for decades.


She completed her BA, married Ajit Pawar in 1985, but chose to prioritise family and motherhood and only much later (2024) marked her reluctant political entry to support her spouse.


She is a trustee of Vidya Pratishthan, chairperson of Baramati Hi-Tech Textile Park, and a member of the World Entrepreneurship Forum, a French think-tank. She launched the Environmental Forum of India (2010).

 

 

 

 

 


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